Lanefinder enters into the insurance business leveraging its hiring marketplace advantage

Lanefinder, the largest commercial driver labor marketplace in the US, developed by Recruitment Software Provider YouCruit, is entering the business insurance market with a specialized commercial auto liability product. The coverage offering will leverage Lanefinder’s hiring marketplace advantage, combining data insights and a proprietary behavior modeling analysis supporting industry underwriting methodologies. This will allow Lanefinder to drive additional ratings on important but overlooked data points. When combined with a risk management focus, Lanefinder believes this product will incentivize better behavior and return industry leading results.

“The Lanefinder platform was built to solve the toughest issues for drivers and motor carriers: driver hiring, retention, and pay. The influence insurance has on these issues, while not obvious to outsiders, can no longer be overlooked. The truth is, the insurance industry has been struggling to innovate the offerings towards our market for decades. With our data insights, and coverage offering, we’ll provide a unique solution not currently available in the marketplace,” says Lanefinder’s CEO, Mats Holmbäck.

In order to bring Lanefinder’s insurance product to market, the company has brought in longtime insurance professional, Kevin Rettberg, as Head of Insurance. Kevin brings extensive commercial transportation experience and creativity. He comes to Lanefinder from AssuredPartners Transportation (APT), where he led one of the largest commercial transportation practices in the country. At APT, Kevin was responsible for the vertical’s vision, infrastructure, resources/tools, branding, and market presence.

Per Kevin, “Based on my decades of experience, during which I was on every side of the insurance table, I firmly believe our charge to be the industry’s change agent is quantifiably unique. Though based on a sound underwriting philosophy, our innovative approach is collaborative, delivering positive change operationally and increasing insurance efficiencies. Our driver-centric focus changes poor behaviors, the starting point for underwriting success.”

“Having onboarded over 7,000 companies to our platform, we’ve clearly seen the implications insurance has on their ability to grow. The companies on our platform today employ more than 300,000 truck drivers and spend roughly $3.5B on auto liability insurance annually. Our unique insurance offering has the potential to transform the entire industry.” says Holmbäck.

Lanefinder has begun engaging top industry professionals to create and deploy the product, with the timeline for launch in mid-2022.

“We have seen tremendous interest from the insurance industry wanting to create and deploy the Lanefinder Insurance product with us. We are currently evaluating these potential partnerships and look forward to offering our insurance product to our clients very soon.” says Rettberg.